§ 47 and 48. Sir C. OMANasked the Chancellor of the Exchequer (1) whether, when he is recalling silver coins issued before 1920, he will also take measures for the recalling of the discoloured issues of the years during which the first experimental alloys were employed at the Royal Mint;
(2) whether the proposed calling in of the silver coins of the years preceding 1920 will be accompanied by a prohibition of their further circulation, or will only imply the retention and non-reissue of such coins as they come in to the public Exchequer; and, if the former is the case, what period will be allowed to the public for the giving in of such coins before they are demonetised?
Mr. CHAMBERLAINThere is no present intention of demonetising the silver coinage issued before 1920. If it should eventually be decided to do so, due notice would be given to the public. These old coins, which now form only a 758 very small proportion of the total circulation in the United Kingdom, are being slowly withdrawn with the assistance of the Bank of England and the Post Office, and replaced by coins in the new alloy.
§ Sir C. OMANMay I ask my right hon. Friend whether he would not find it cheaper to recoin these old silver coins into new money with the present dies rather than sell them as bullion at the ridiculous price of 19 pence per ounce? You would then be getting towards the beginning of a new good coinage.